FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. REUTERS/Mohamed Abd El Ghany/File Photo
CAIRO - 17 November 2020: The draft budget for the 2021/2022 fiscal year aims to reduce the total budget deficit to 6.5 percent of the gross domestic product (GDP), compared to 6.3 percent of GDP, previously targeted in FY 2020/2021 budget, the Ministry of Finance said in a circular on Monday.
Financial controls on revenues and expenditures are mandatory, while reprioritizing spending and working to complete the public expenditure restructuring approach towards areas of development in society, the ministry asserted.
In the coming years, the government aims to continue slashing the debt of the State's general budget bodies from 87 percent of GDP in June 2020 to about 77 percent of GDP by June 2024, it said.
The finance ministry forecast that the gradual reduction in debt rates would lead to a significant improvement in the sustainability of public finance, and developing its ability to deal with the changes and challenges the local and global economy may face in the future.